I’ve started and stopped blog posts a few times this month. Mostly because these are unusual times and what more can I lend to the conversation that hasn’t already been said.
Looking back at our February update I have to say that I severely underestimated the impact and fallout from the Coronavirus. Past viruses came and went with little to no economic impact. The Coronavirus has spread rapidly and forced society as we know it to come to a screeching halt. This in turn is leading to a global economic shutdown and the financial markets reacting wildly due to the unlimited uncertainty.
Like many others we have been hard hit financially. At last count have seen our portfolio decrease over $300k from the market highs. However, we are also fortunate that our business is still functioning normally for now and my wife, who already worked from home, works for a great company that is continuing with business as usual. This puts us in much better circumstances than the many millions of people that are currently being forced out of work while at the same time watching their saving plummet. They have to deal with all of this on top of worrying about their families well being and the concern of getting infected with a virus. The thought of what these folks are going through makes my stomach churn and any financial loses or inconveniences we are experiencing are no comparison to their plight.
As a Nation I think it’s important we keep the prospective that we are all in this together. The virus does not discriminate between red states and blue states nor does it care about your race, gender, sexual orientation, economic standing, environmental views or even more so your political views. It is an equal opportunity killer.
In times like these we need to stop with the continuous partisan bickering and political vitriol and support eachother as Americans and as human beings. Sometimes this must be done despite the leadership on both sides and despite our media who are equally guilty of neglecting and misleading ALL Americans.
Regardless of political leanings we need to support the steps that are being taken to provide people and businesses with much needed help. Much like what happened in 2008-2009 the economy is teetering on the edge and major steps are being taken to avoid a total collapse.
I, like many others, get queasy at the thought of government intervention and financially supporting businesses. However, there are some things that are to complex and to large in scope that only government has the capacity to provide the support required to prevent total systemic failure. You can be certain we wouldn’t have had an 11 year bull market without those same steps being taken in 2008-2009 and none of us were complaining when times were good.
For now, I am grateful my family has remained safe and that we are still fortunate enough to have some semblance of normalcy in our lives. Millions of people no longer have that luxury and need help. In the long run I firmly believe that society will rebound and the markets will recover as history has shown after large unexpected events. Until that time we need to do what is best for society as a whole.
I urge people to be rational and mindful that everyone is dealing with the same problem. If you are going to a store please buy what you need but leave some for others. Production of essential items has not stopped and the world is not ending. There is no need to hoard for yourself and deprive others of the opportunity to acquire household items that we all need.
If you follow our twitter account you know our story. After a week of trying to find toilet paper our family in Utah and a sibling that is a trucker had to team up to bring us supplies. Other people do not have this capability and the hoarders are causing other people harm with their selfish actions. A little human decency and consideration for others circumstances can go along way.
As we have done in prior bear markets we are sticking to our long term outlook and plan. We are still investing regularly and have increased our monthly contributions. This will continue unless circumstances dictate a change.
Thank you as always for reading our blog. Please take care of yourselves and your family. There are better days ahead and they will come sooner if we can all pull together to reach a common goal of ending this pandemic.
Until next time…………………
One thought on “Mid-Month Update”
Thanks Joe, fully with you. I still don’t grasp the toilet paper thing. I understood that vivid-19 is not requiring it 😉